CalPERS Extends Tobacco Investment Ban To Funds Managed By Outside Firms
“Economically I don't see how [tobacco] is sustainable as an industry down the road,” said state Controller Betty Yee, a CalPERS board member who introduced the motion to expand the ban.
Los Angeles Times:
CalPERS Widens Its Ban On Tobacco-Related Investments
CalPERS on Monday rejected its staff’s recommendation to again invest in tobacco stocks and instead widened the ban on tobacco investments for the nation’s largest public pension fund. The staff of the California Public Employees’ Retirement System had recommended that the system’s board approve ending restrictions on tobacco investments managed by its own staff. The ban began 16 years ago. (Peltz, 12/19)